Share prices opened sharply higher yesterday boosted by a rise on Wall Street. However, a string of news reports from Europe caused renewed concern about the impact of the subprime mortgage defaults in the U.S. The Composite Index closed 6.22 points higher to settle at 1313.39 after hitting an intra-day high of 1,324.68. Market breadth was mixed with losers outnumbered gainers by 498 to 428. Trading volume increased slightly to 1.23bn shares valued at RM1.78bn.
Plantation stocks made a comeback led by Golden Hope (+20 sen to RM8.20), KLK (+10 sen to RM12.80) and (+6 sen to RM2.74). Tong Herr surged 35 sen to RM5.85 following the release of a strong 2Q results which saw its net profit jumped by 30% qoq. Muhibbah advanced further to RM8.85, chalking up a gain of 60 sen on renewed buying interest. Magnum gained 17 sen to RM2.97 on prospects of higher dividend payments while Kump Perangsang rose 8 sen to RM2.59 on active trading. Other notable gainers were Hexagon (+30 sen to RM5.30), Gamuda (+25 sen to RM7.45) and EONCap (+20 sen to RM7.30).
Oil & gas stocks succumbed to profit-taking activities. Deleum fell 12 sen to RM4.40, PEnergy lost 10 sen to RM3.80 while Petra declined 7 sen to RM4.98.
The Asian markets closed steadily yesterday. The Shanghai Composite jumped 1.95% while the Nikkei Index advanced 0.83%. Other the other hand, the Jakarta Composite Index and the Hang Seng Index fell 0.94% and 0.43% respectively.
Source: JF Apex Securities Bhd
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